You are here: Home » PTI Stories » National » News
Business Standard

Housing sales up 33% in March quarter in 9 cities: PropTiger

Press Trust of India  |  New Delhi 

Showing signs of revival, housing sales increased by 33 per cent in nine major cities during the March quarter this year to 80,000 units, according to Corp-backed realty portal

Sales were at 59,936 units in the first quarter of last year.

In its latest report 'Realty Decoded', said that barring Hyderabad, housing sales have risen in all nine cities during January-March 2018.

Sales rose maximum in Noida by 69 per cent during January-March 2018 to 7,933 units compared with the year-ago period, followed by Gurgaon where sales were up by 62 per cent at 1,964 units.

"The sales numbers for the past quarter are very encouraging. While it might still be too early to celebrate, these are early indications that things are beginning to look up for the residential sector," Dhruv Agarwala, the of PropTiger, Housing and Makaan, told

sector, particularly housing, is going through a multi-year slowdown mainly due to high property prices and huge delays in delivery of projects in key Delhi-market.

Housing demand and supply got further impacted due to demonetisation and implementation of new regulatory law RERA and the GST during last year.

However, said sales have improved after a continuous drop in sales for the last four years and therefore raises hopes of a revival in the market.

According to the data, Pune witnessed 56 per cent rise in sales to 15,885 units, while in Bengaluru they went up by 46 per cent to 11,706 units.

Sales grew by 40 per cent in Mumbai at 25,281 units, 25 per cent in Chennai at 5,075 units and 16 per cent in Kolkata at 3,873 units.

In Ahmedabad, housing sales were marginally up at 3,205 units. However, saw 29 per cent decline in sales at 5,077 units during the period under review.

"After a stressful 2017, the first quarter of 2018 calendar year has come as a breath of fresh air for the residential industry, rekindling hopes of a revival for the sector during this year," said Ankur Dhawan, Chief Investment Officer, com.

The developers were willing to reduce prices to sell their unsold units and improve their cash flows, he said, while hoping that the market to start showing a steady improvement in sales going forward.

In this report, the number of Noida includes sales from Greater Noida and Mumbai includes and Thane, while Gurgaon includes Bhiwadi, Dharuhera and Sohna.

Singapore-based is the owner of Housing.com, com and com. The company provides digital marketing and

formed com in 2011 and later acquired com in May 2015 and Housingin January 2017 aiming to create India's largest full service online-to-offline platform.

While largely deals in buy-sell of re-sale properties, group company helps developers in selling flats available in primary market. Housingis a classified platform for both developers and brokers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 12:45 IST
RECOMMENDED FOR YOU